Banking on charity – $293B invested, loaned

Big financial services companies contributed more than $599 billion to charitable causes in 1999, up from $420 billion in 1998 and $421 billion in 1997, a new survey says.

Those companies also sponsored or supported nearly five million hours of volunteer work by employees, equivalent to 2,500 full-time employees, says the survey by The Financial Services Roundtable.

That was up from 4.6 million in 1998 and nearly 4.5 million in 1997.

The survey was distributed to the group’s 100 members, and 55 responded.

In 1999, Roundtable members made community development investments of $2.14 billion and community development loans of more than $219 billion.

In addition to the companies’ corporate contributions, their members donated nearly $70 million of their own money to United Way charities.

Bank of America donated $95.5 million, ranking first among members of the Roundtable.

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